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There are many Canadians buying real estate in the US and anyone who has made a purchase south of the border can attest to how different the process can be. One of the main differences, which we have discussed in previous publications, is that the US does not require you to have your own legal representative. [...]
Jonah Z. Spiegelman and Matt C. Altro recently co-authored an article which appeared in the CPA Magazine's August edition. In the article, Jonah and Matt provide a review of the tax filing obligations for US citizens in Canada, plus notes on how US rules impact estate planning. Click here to view the article online or scroll [...]
In our globalized world, corporate relocation of employees between Canada and the U.S. is becoming more common. Mobilizing talent across borders is often a key strategy for companies hoping to maximize their human resources, but compliance with laws on both sides of the border can be challenging. Luckily, by considering tax and estate planning issues before an employee moves, the risks of relocation can be mitigated. Tax Residency A central issue is tax residency. Canadian income tax is based on residency, while the U.S. generally taxes its citizens on their worldwide income even if they are non-residents. Resident aliens (non-citizens) of the U.S. are also taxed on worldwide income, as if they are U.S. citizens (non-resident aliens are typically only taxed on their U.S.-source income). […]
David A. Altro and Jonah Z. Spiegelman recently co-authored an article which appeared on Advisor.ca and is scheduled to appear in the April or May 2014 edition of Advisor’s Edge magazine. In the article, David and Jonah explain the considerations and opportunities that Canadians should keep front of mind if they have US-resident children who will [...]
David A. Altro was recently interviewed by Drew Hasselback for an article which appeared in the Financial Post section of the National Post. In the article, Drew asks David about the benefits of an estate freeze for family owned businesses, and what special considerations may be required when owners of a Canadian company, or those who [...]
Post-divorce, many Canadians are lucky enough to find second relationships, whether it is cohabiting leading to a common law partnership or another trip down the aisle. According to a 2011 census data release by Statistics Canada, blended families (where one or both spouses have children from previous relationships) have become a national norm, representing about one in eight couples’ families with children. This blog takes a closer look at the type of estate planning issues that blended families can face. As new relationships are formed with the new spouse’s family, estate planning becomes more complicated and steps must be taken to ensure that your intentions to protect your children from the prior marriage and/or for your new spouse to be protected upon your death, and that your estate will ultimately be distributed to the intended beneficiaries. […]
Matt C. Altro was recently interviewed by Julius Melnitzer for an article which appeared in the Financial Post section of the National Post. In the article, Matt addresses the changes that will allow Canada and the US to accurately track the number of days spent by Canadians in each country, to ensure that the tax and immigration laws are being respected. The article can be found below or at this link and includes information on the number of days Canadians may spend in the US. […]
David A. Altro was recently interviewed for an article which appeared on Advisor.ca and in the Advisor's Edge magazine. In the article, David explains some estate planning tools for Canadians who have U.S. assets and a world wide estate valued at or above $5.34 million. Click here to view the article online or scroll down to [...]
